As Arizona is experiencing a surge in population, we are seeing construction starts throughout the Valley to accommodate the increased housing need.
The housing market continues to serve as a significant driver of economic growth. At Taylor Morrison, we’re seeing that the housing consumer is evolving along with it, and that stability is coming to the housing market. According to our recent data, there has been a significant increase in the number of people who specifically desire new construction, which increased from 0% in 2018 to 25% in 2023. (Sample size: 30, 292 buyers.) In the Phoenix market specifically, new home sales now account for almost 30% of all single-family home closings. That’s up from historical norms of 13%–16%. The quality of new home construction as well as the energy efficiency being built in new homes has become a major differentiator in the homebuyer’s decision to purchase resale or new construction.
The relationship between housing and the economy generates a cause-and-effect discussion. With input from builders, city planners and economists, In Business Magazine explores the issue in this month’s cover story, “Home Economics: Does the Housing Market Impact Our Economic Growth?”
The rise of remote and hybrid work that was accelerated by the COVID-19 pandemic is another factor in the housing issue. As Jay Silverberg discusses in the guest column this month from global architecture, design and planning firm Gensler, “Office Conversion: Vacancy to Vibrancy,” vacated office space has potential for community spaces, hospitality — and residential.
Feature article “Jump-Starting and Scaling a Marketplace” alludes to the chicken-or-egg conundrum, as Shirish Nadkarni explains that without enough supply, there’s very little reason for consumers or buyers to show up, and without strong consumer demand, suppliers are generally reluctant to sign up. He shares several case studies in strategy that offer lessons to learn from.
The Roundtable feature this month also offers a case study, as Courtesy Automotive Group’s all-female team of finance directors discuss the power of female influence in a male-dominated industry.
Also this month, In Business Magazine is profiling many top real estate companies and teams in the Residential Real Estate Top Leaders special section. Their experience and depth of knowledge in the residential market is spotlighted as we learn more about these talented professionals.
Timely, relevant, and sometimes even controversial, In Business Magazine offers content on widely varied topics in every monthly edition to help support our Greater Phoenix business community. I am pleased to lead this August edition, with its in-depth exploration of the housing market.
Sincerely,
Brad Schoenberg
Phoenix Division President
Taylor Morrison, Inc.
Brad Schoenberg is an experienced homebuilding executive focused on leading teams to be their best and maximizing results. Schoenberg has more than 25 years of homebuilding experience and has been with Taylor Morrison for the past eight years as its Phoenix division president.
One of the nation’s largest homebuilders and developers, Scottsdale-based Taylor Morrison serves a broad range of consumers from coast to coast, including first-time, move-up and resort-lifestyle homebuyers and renters under its family of brands: Taylor Morrison, Esplanade, Darling Homes Collection by Taylor Morrison and Yardly. From 2016 to 2023, Taylor Morrison has been recognized as America’s Most Trusted® Builder by Lifestory Research.
Schoenberg is honored to lead a dedicated group of nearly 300 men and women at Taylor Morrison who strive to deliver an exceptional homebuying experience. The company prides itself on “building a better tomorrow for your family and ours.” Over the past three years, the Phoenix division has had the privilege of building more than 5,750 homes for families in the Phoenix market.
In addition to his expertise in real estate, Schoenberg is active in his community. He is past president of the board for HomeAid Phoenix Chapter since its formation in 2019 and the chairman of the Homebuilders Associate of Central Arizona since 2020.
